ISLAMABAD - China Metallurgical Group Corporation (MCC) has shown its interest to invest $ 2.2 billion for the expansion and revamping of Pakistan Steel Mills (PSM). A 12 member delegation of MCC headed by Ms Huan met here on Thursday with the Federal Minister for Industries and Production Mian Manzoor Ahmad Wattoo and discussed various proposals in detail. According to MCC, they will set up a new plant within 2 years as the first phase of the expansion project. The construction of the new plant will cost around 1.2 billion dollars and on completion it will be capable of producing 2 million tons of steel per annum. In the second phase the MCC will revamp and modernize the existing PSM plant. The second phase according to MCC will take another 2 years to complete and would cost around 1 billion dollars. They said that the revamping would raise PSMs production capacity to 3 million tons per year which today stands at 1.1 million tons per years. The minister took keen interest in MCCs proposals and appreciated Ms Huan and her team for taking interest in the PSM project. He assured Ms Huan that he and his team will deeply study their proposals and would take a final decision on this project very soon. The MCC, which already has conducted technical investigation of the PSM in 1992 and has produced a 500-page report on the expansion of PSM in 2005 is Chinas leading multidisciplinary multinational company. The MCC is known for its experience in scientific research, industrial engineering practice and international trading capabilities. According to MCC website, the group is a major driving force behind the growth of Chinas steel industry and a reputable contractor of a number of key projects both at home and abroad.